What is the opportunity cost of the air conditioner

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Reference no: EM131403233

1. Emily buys an air conditioner that costs $700. Because the air in her home is cleaner, its use saves her $250 in curtain cleaning costs over the lifetime of the air conditioner. In money terms, what is the opportunity cost of the air conditioner?

2. Suppose that strawberries sell for $3 per basket. Jim is considering whether to buy zero, one, two, three, or four baskets. On your own, create a plausible set of total and marginal utility numbers for the different quantities of strawberries (as we did for pizza in Table 1), and arrange them in a table. From your table, calculate how many baskets Jim would buy.

Reference no: EM131403233

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